I'm an associate editor at Forbes, part of the team responsible for our signature issues: The Forbes 400, Global Billionaires and America's Richest Families. As a writer, I cover these wealthy business builders as well as other entrepreneurs. Before Forbes, I also reported on entrepreneurs for Inc. magazine and attended Syracuse University's S.I. Newhouse School of Public Communications.

11:46 Robotti, of Robotti & Co., likes to find ugly ducklings posed to become swans. Yet, vast majority of investors are too focused on near-term volatility. Losing money in the short term is a risk worth taking, he says.

He likes Calfrac Well Services, a company listed on Toronto Stock Exchange. It has a long runway ahead, Robotti says.Business is in North and Latin America, as well as Russia.As the name suggests, it primarily does hydraulic “fracking,” a controversial method of natural-gas production.

11:39 Another question: Will Green Mountain shares hit $0?

Now is not the time to answer that, he says.

Einhorn walks away, leaving the room to empty out. Especially here in the media bullpen. You have to fell bad for Bob Robotti, the next speaker. His shop focuses on discounted companies that trade less than their intrinsic values. Of course, an intrinsic value is only as good as the investor behind it.

11:37 Someone just asked Einhorn about St. Joe Co.

Beat. Sips his water.

“There’s absolutely nothing going on at this company,” he says.

(Einhorn came out as short St. Joe a few years back.)

11:33 Einhorn may have made light of the so-called Einhorn Effect, when average investors blindly lunge when he speaks, but today’s market certainly draws attention to it again.

He’s bullish on Cigna and GM. Cigna went up 1.7%. GM rallied 1.3%.

He’s bearish on Chipotle. That stock is down 5.6%.

Interesting, Green Mountain shares remain in the green today, up 1.7%. Perhaps some relief that Einhorn didn’t more fully roast company management. Though, it’s clear that his position is unchanged and that he’s unhappy with how management reacted to his comments last year.

A co-branded Taco Bell/KFC fast food restaurant in San Francisco, California. Yum! Brands often likes to experiment with restaurants that offer products from two or more of its various brands. Photographed by user Coolcaesar on October 16, 2005. (Photo credit: Wikipedia)

11:21 Now to Q&A with Einhorn.

What’s your performance this year?

Firm’s performance is in the low teens this year.

Is Yum a long?

Some offsetting issues exist—slowing growth in KFC’s China business, nothing good at Pizza Hut—means Greenlight is on the sidelines for Yum.

Did GM research uncover any investor stigma about the government? How does the electronic Volt seem?

U.S. should exit the stake soon, and the government isn’t really running the company; it’s more akin to an institutional shareholder who needs to sell eventually.

“It’s much different when a national chain decides to compete with you in 5,600 nationwide locations,” Einhorn says. Fast-casual rivals aren’t as numerous as Taco Bell and subsequently aren’t as large a problem.

He likes Taco Bell’s new Cantina menu, a new selection of fresh-ingredient products meant to eat away at the distance between Taco Bell and Chipotle.

A survey done by Einhorn’s firm shows that Chipotle is in danger of losing frequent customers to Taco Bell. “I guess they just really like Mexican,” he says. The survey also found that over the next six months, those customers are more likely to cut down spending than increase it.

“Chipotle’s multiple does not reflect these risks, and the stock is vulnerable.”

11:03 Cigna has great reward potential, Einhorn says, but it’s boring. That leaves the stock little covered and without a great deal of investor interest.

“Cigna is our favorite HMO,” he says. “It’s a better business than most.” The valuation, at less than 8 times next year’s earnings, is favorable.

Quarter-to-quarter volatility is present, but HMOs show stable returns on equity. HMOs still stand to earn a great deal, even if they’re earning less.

And Obamacare’s effects can be measured. Actually, Einhorn says, those effects are pretty minimal. Any caps will not cause further earnings reduction.

Cigna’s international growth is particularly eye-catching. 20% growth is nothing to sneeze at.

10:52 General Motors emerged from bankruptcy in much better health and cost structure.

GM’s pension problems appear over-blown, Einhorn says.

“We think that the consesus forecast is actually too low,” for GM, he adds. Vehicle models should be refreshed in coming years, driving greater pricing and margins, and Chinese growth looks promising. Europe might turn break-even within three years, down from the $1.5 billion loss today. “We expect to see meaningful improvement…by right sizing the operations.”

Einhorn, it seems, is a Cadillac man.

Goverment stake in the car company, a stake of some 500 million shares, is not an overhang. It would cost $15 billion to buyout the U.S., an easy move for this cash-stuffed business.

Einhorn estimates 2014 (fully taxed) earnings per share of $6 a share. Analysts on average predict GM to make $5.06 a share.

Green Mountain Coffee Roasters (Photo credit: Wikipedia)

10:44 The duration of the joint venture between Starbucks and Green Mountain is unknown—a red flag to Einhorn.

Capital expenditures/sales is also very high relative to the industry. A headwind, he says, given the competitive industry.

“Even if the account is right then it just means they have incredibly bad spending discipline,” he says.

Now that Green Mountain can’t operate as a monopolist, it’s exposed to pressure from experienced manufacturers. (Green Mountain lost the patent exclusivity to its K-Cup design earlier this year.) Other competitors already have cheaper products available. Pricing wars are just beginning.

10:40 He will give another presentation on Green Mountain. A sequel, he says.

Einhorn is unhappy with the time spent by Green Mountain’s audit committee in its investigation. He also criticizes the committee’s composition.

“Everything I said then is still true,” he says of his presentation on Green Mountain last year. Market has proven him right.

10:35 Einhorn stresses that investor Joe at home should do his own homework before tumbling forward into an investing decision based only on remarks from a big-name investor like Einhorn. “It doens’t make any sense to follow [another investor] into a stock” without doing homework first, he says. Einhorn jokes about what happened last year with Green Mountain Coffee, when he detailed, over 110 slides, the short position.

“I’m told that the stock started sliding before I even cleared my throat,” he says.

He calls analysts that suggest stocks based on his picks “touchdown seagulls.”

Einhorn is even less affable toward recent media coverage of him, including his investments in biofuel. His policy is that Greenlight does not comment. Vast majority of rumors reported in the media are wrong, he says.

“I suggest you take these reports with a grain of salt,” he says.

NEW YORK - AUGUST 06: David Wright #5 of the New York Mets shakes hands with prospective Mets owner David Einhorn during batting pracitce before a Major League Baseball game against the Atlanta Braves at Citi Field on August 5, 2011 in the Flushing neighborhood of the Queens borough of New York City. (Image credit: Getty Images via @daylife)

10:30 Einhorn, rockstar hedge fund manager, takes the stage. The room has filled up. Most of the tables look like they’re fully seated now, a change from early this morning.

He will give four picks over 120 PowerPoint slides.

9:58 Roepers has stepped off. Next up is probably the most-watched speaker: David Einhorn.

Einhorn moves markets. His comments, whether a long or short pick, tend to influence Joe at home.

Here’s what I wrote as a preview to this week’s event:

Consider how Green Mountain stock fared in the last year. It’s down 80% after analysts and critics roasted Green Mountain over concerns about the businesses’ finances and model. The bleating began at last year’s Congress, when Greenlight Capital’s David Einhorn laid out his bearish thesis in a 100-slide PowerPoint.

Einhorn presented on a Monday. The stock would lose more than a quarter of its value by week’s end. “I don’t know if David will is going to be back with a short idea this year,” says the Congress’ organizer, Whitney Tilson, a hedge fund man himself. Safe to assume, though, that Einhorn’s comments, whether a short or long pick, will be worth listening to.

Einhorn speaks in 30 minutes.

9:50 Clariant’s business in emerging markets is an important step toward expanding margins, Roepers says.

How does Atlantic win if it won’t go to a proxy battle? “We try to show that we’re very good stewards of the company,” Roepers says. They show companies past investments.

First a meeting with company management where Atlantic will detail its advice. Then a publicly released letter. “If they don’t listen, then they might have to deal with much harsher activists,” Roepers says.

Atlantic doesn’t tend to exit a stake until its multiple reaches 11 times earnings before interest and taxes.

Deutsch: Energizer Logo (Photo credit: Wikipedia)

9:42 Why did Energizer not perform up to Atlantic’s expectations? An attendee asks Roepers.

Euro weighed on the company. But it has also been slow to respond to opportunities.

FLSmidth, an Atlantic buy, makes the equipment used by miners. (Roepers clearly mentioned that all miners are suffering from a downturn in capital expenditures in the world’s slow growth economy.)

Joy Global is being dangerously underestimated by analysts, Roepers says. Joy had flat earnings in 2009 and will have another this year. But it’s a unique company with a predictable cash flow.

9:27 Energizer Holdings, the battery maker, is a top pick of Atlantic’s Roepers. A company with top brands that have the potential to widen margins. “They’re very much on their way,” Roeper says of Energizer. The company recently announced a cost-cutting plan a few weeks ago.

He also likes Rockwood Holdings. Total debt: only $5 million.

9:25 Activists need to be able to get out if need be. All positions need to be kept as liquid as possible, Roepers says.

9:15 Fear about equities have left investors shell-shocked. This leaves the field wide open for activists, Roepers says. These folks flourish in such vacuums.

He’d like to see private equity firms put capital to work, and business take more advantage of low interest rates.

He’ll dish on what Atlantic sees before jumping in as activists or marking it as a turnaround.

Atlantic, which manages about $1.8 billion, pushes with 2% to 7% minority stakes to begin activism.

MILFORD, CT - DECEMBER 27: A man walks out of a Sears store on December 27, 2011 in Milford, Connecticut. Sears Holdings Corp has announced that it plans to close between 100 and 120 Sears and Kmart stores following poor sales during the holidays. (Image credit: Getty Images via @daylife)

9:08 Khaner doesn’t think Eddie Lampert is a turnaround CEO. He doesn’t own Sears Holdings and isn’t a big fan of its real estate situation. The industry is simply too competitive. Probably seeing some benefit from J.C. Penney struggles, he says.

9:02 Khaner doesn’t own J.C. Penney, but he does think it’s a succesfull turnaround in the making.

Expect volatility, he says And a three-year time span for the turnaround.

Debt is manageable.

“I think ultimately they might have to go back to couponing, because that’s retail,” Khaner says.

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